Weekly Charts (24th to 28th Apr 2023) and Market Profile Analysis

• Monday – Nifty opened higher but made an almost OH (Open=High) start at 17707 and got back into previous week’s Gaussian Curve as that prominent POC of 17630 was acting like a magnet but the attempt to make a RE (Range Extension) lower was swiftly rejected at 17612 as the buyers then took advantage of it confirming a FA (Failed Auction) at lows and went on to leave a Neutral Extreme Day Up completing the 1 ATR objective of 17745 while making a high of 17754
• Tuesday – The auction got accepted in the NeuX zone hitting new highs of 17807 & forming higher Value though it formed a narrow 91 point range Bell profile with a prominent POC at 17784 but left a small initiative buying tail indicating that the buyers were in control
• Wednesday – saw a test of previous day’s buying tail in the IB (Initial Balance) but once again left a small buying tail and went on to form an Outside Day building on the prominent POC of 17784 as it left a nice 2-day balance with Value at 17753-17782-17792
• Thursday – signalled the move away from the balance with an initiative buying tail as Nifty tagged the 21st Feb VPOC of 17873 and completed of the 2 ATR target of 17877 from Monday’s FA of 17612 as the day closed with a spike higher to 17931
• Friday -opened above the spike but stalled right below the 20th Feb’s VPOC of 17960 triggering a test of the spike origin as it made a low of 17885 in the IB and formed value in the spike zone for the first part of the day before making multiple REs to the upside in the second half scaling above the 18000 level and giving a spike higher to 18089 into the close almost tagging the 16th Feb VPOC of 18096

View the daily Nifty MarketProfile charts of previous week below only on Vtrender Charts

The weekly profile is a trending one to the upside as last week’s balance led to a big imbalance of 477 points forming completely higher Value at 17689-17782-17918 and has closed in a spike higher from 18003 to 18089 which will be the zone to watch for the coming week as Nifty could continue the probe higher towards 24th Jan’s VPOC of 18139 & 04th Jan selling tail from 18243 above which 21st Dec 2022 dPOC of 18272 & the weekly VPOC of 17348 could come into play.
Click here to view this week’s MarketProfile on Vtrender Charts
Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 18096 for a probe to 18139 / 18173 / 18231 / 18271 / 18348 / 18387 / 18451 / 18492
B) Accepting below 18046 could lead to a test of 18003 / 17957 / 17887 / 17844 / 17782 / 17727 / 17656 / 17612

BankNifty Spot Weekly Profile (24th to 28th Apr 2023)

43234 [ 43302 / 42269 ]

Previous week’s report ended with this ‘The weekly profile is a narrow range balanced one with completely higher Value at 42202-42193-42294 and will need some good initiative activity to move away from this ultra prominent POC of 42193 otherwise which it will continue to act like a magnet. The immediate upside reference would be the 18th Apr VPOC of 42420 above which the earlier level of 42615 will come into play along with the higher weekly VPOC of 42792 whereas on the downside, this week’s buying tail from 41914 would be the first level of support below which the daily VPOCs of 41701 & 41443 will be the probable objectives’

• Monday – BankNifty opened higher & remained above previous week’s balance forming a narrow 201 point range Gaussian Curve for the first half of the day while building a prominent POC at 42366 before leaving an extension handle in the second half and forming a Double Distribution Trend Day up making a high of 42714
• Tuesday – The auction continued higher tagging the weekly VPOC of 42792 in the IB and even made new highs for the week at 42865 but settled down into a narrow 264 point range Normal Day with a prominent POC at 42786
• Wednesday – With the upside looking exhausted, there was a probe lower in the IB which tested Monday’s extension handle while making a low of 42432 in the IB but saw some demand coming back which led to a slow probe higher for the rest of the day even resulting in new highs of 42875 and an Outside bar on the daily
• Thursday – saw another narrow range of just 204 points in the IB but remained above Wednesday’s POC of 42734 indicating that the PLR (Path of Least Resistance) was to the upside and more confirmation of this came later in the day as BankNifty made multiple REs to hit new highs of 43043 into the close
• Friday – The auction opened with a look up above PDH but stalled at the weekly swing high zone of 43078 triggering a probe back into Thursday’s value where it took support just above the VAL of 42796 and was forming a Normal Day till the K period before spiking higher leaving an extension handle at 43087 and tagging the weekly VPOC of 43260 from first week of January 2023 while making a high of 43302 into the close

View the daily BankNifty MarketProfile charts of previous week below only on Vtrender Charts

The weekly profile has formed another nice Gaussian Curve with completely higher Value at 42620-42847-42978 with a spike close from 43087 to 43302 which will be the opening zone to watch for the coming week with the upside open towards the weekly selling tail from 43482 & the mid-December 2022 weekly VPOC of 43884.
Click here to view this week’s MarketProfile on Vtrender Charts
Weekly Hypos for BankNifty (Spot):
A) BankNifty needs a drive from 43268 for a rise to 43375 / 43482 / 43617 / 43804 / 43927 / 44044 / 44165 / 44291
B) Accepting below 43210, the auction could test 43087 / 42959 / 42821 / 42734 / 42620 / 42480 / 42366 / 42194